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Void and Voidable Contract

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What is the difference between a void contract and a voidable contract? Give examples. Which party or parties to a voidable contract have the right to disaffirm the contract and why has society chosen to protect certain classes of persons in this way? Use approximately 200 words to answer.

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A void contract is an invalid contract for the reason that the law declares it as absolutely invalid or void. No contract has existed, the parties have no legal position, and it cannot be ratified unlike the valid contracts. On the other hand, a voidable contract is a valid one and one of the parties in the contract is bound to it while the other one is not bound. The unbound party may repudiate it or refuses to do his part and when it happens, the contract becomes void. Until the contract is disaffirmed, it continues to be binding. A voidable contract can be also be ratified as it is considered a valid contract until disaffirmed by the ...

Solution Summary

The solution is composed of at least 200 words discussing the difference between a void and a voidable contract and some examples. References are included.